There are many alternative loan options on the market. So what makes a car title loan stick out? What are the significant advantages of car title loans?
A car title loan can be a great financial resource to consider when you are down on your luck financially. Auto title loans can have many benefits, which is why they are such a popular funding choice across the United States!
With loan options like ChoiceCash Title Loans, many significant advantages can come with a car title loan!¹ To inquire, you can take advantage of the quick and easy online approval process and get started online from your smart phone or computer.1
How Does an Auto Title Loan Work
Before you can understand the advantages you may receive through a car title loan, it’s important to know how it works. With a car title loan, the title to your vehicle is the collateral for the loan, which helps you secure the cash. Title loans are a unique type of secured funding option that can cater to borrowers that may not qualify for traditional loan options.1
With an auto title loan, you are borrowing off your vehicle’s available equity and turning it into cash. Equity is simply the difference between the market value of the car and what you currently owe on it (if at all).
If you do not know the available amount of equity in your car, ChoiceCash Title Loans has an online calculator tool that makes it easy to get an estimate.¹ To receive that estimate, you must input some details about your car:
- The year your vehicle was made
- The make, model, and style of your vehicle
- The current condition of your vehicle
- The current mileage from your vehicle
The funding you could receive from a car title loan is determined by the amount of positive equity in your vehicle.¹ Your loan amount will also depend on your income and ability to repay the loan. You can prove your income by using bank statements, social security benefits, or many other alternative forms of income.
With loan options like ChoiceCash Title Loans, once you have these requirements met, you’re on track for an approval process that is easy and convenient for you!¹
When I Apply for a Title Loan, What are the Significant Benefits?
The advantages of a title loan can be much more significant than just access to cash. These benefits range from good experiences with customer service agents to loan terms that can be beneficial for your wallet.1
With loan options like ChoiceCash Title Loans, there may be even more significant benefits to take advantage of!1 Not only can you expect the standard benefits you may receive from a title loan, but ChoiceCash Title Loans can offer qualified borrowers some exclusive and significant advantages¹:
The Significant Advantages of Car Title Loans and Fast Cash
If you’re in a situation where you need money now to pay off an unexpected expense, a title loan is a great resource to consider. But what are the significant advantages of car title loans? With ChoiceCash Title Loans, approved borrowers can take advantage of these exclusive benefits:
Speed
If you are in a tough financial spot, you may not have any time to spare. When you need cash fast, one of the significant advantages of a car title loan is speed. With ChoiceCash Title Loans, qualified borrowers can receive their money in as little as one business day!¹ Not only can you receive your funds quickly, but the approval process is streamlined and designed for a financial emergency.1 You can access it any time of day or night to get started on your car title loan inquiry. It can take no time at all to find out if you qualify for the cash you need through a car title loan!1
Online Convenience
Most traditional loan options can take a long time to approve your loan. It can be a hassle to apply for the cash you need at a bank or credit union if you need to visit the location in person. Instead of getting in your car and driving to see if you can qualify for cash, why not inquire about a loan online? In today’s world, you can get your groceries online through an app- so why not a title loan? With loan options like ChoiceCash Title Loans, you can conveniently inquire online through your smartphone or computer.
Access to Your Vehicle
If your vehicle is your primary source of transportation, you may be worried about inquiring about a car title loan online. With a car title loan, your vehicle’s title will be collateral for the loan. If the loan is not repaid on time, one of the outcomes is repossession. However, if you are a responsible borrower, you can keep driving your car like it is business as usual- no need to give up your keys!
Many Vehicles May Qualify
Another significant advantage of a car title loan is that many different types of vehicles can qualify as collateral! There is no all-inclusive list of vehicles that will automatically qualify for a car title loan. This is because many makes, models, and years could have positive equity to borrow from! Vehicles that are popular makes and models can hold equity even if they have a significant amount of mileage on them. Even if it is an older car, it may still qualify as collateral.1
Simple and Easy Requirements
When you think of an advantage, you may think of convenience and simplicity. With ChoiceCash Title Loans serviced by LoanMart, you can expect simple and easy requirements to meet during the approval process. To initially qualify for a car title loan, your vehicle must have equity, and you must have proof of income or alternative income. The last initial requirement is that you are at least 18 years of age or older to qualify. If you aren’t sure if your vehicle has enough equity to qualify for a car title loan, don’t sweat it. ChoiceCash Title Loans has an online title loan calculator that can do the hard work for you!
With these simple and easy requirements, it’s no wonder why a car title loan is such a popular funding choice!
The Significant Advantage of Access to Higher Loan Amounts
One of the major benefits of a title loan is that it can offer the opportunity for borrowers to receive larger loan amounts. A title loan is a secured loan option. With an unsecured loan option like a personal loan, the amount of funding you’d receive would be based on just your credit history and income. Many individuals may not get a large loan amount through a personal loan due to their income and credit history, or lack thereof. With a car title loan, the opportunity for qualified borrowers to receive higher loan amounts exists.
A large loan amount comes from two things: your ability to repay the loan and the amount of equity in your vehicle. The more equity your vehicle has to borrow from and the more income you have, the larger your loan amount could be through a car title loan. ¹
Is Credit Not Always Being an Issue an Important Advantage to Me?
If you are pondering the idea of getting a car title loan, you may be worried about your credit history affecting your chances to qualify. Often, a borrower will think that their credit does not meet the financial standards to qualify for a loan. Unlike other loan options, credit isn’t an important factor in the approval process for a title loan.1 While it is still considered, it is not the focus.
Since a borrower’s vehicle title serves as collateral for the loan, the approval process can be more flexible for individuals who may not have decent credit. Even if you are not confident with where your credit is at, you could still qualify for the cash you need through a car title loan.1 This is perhaps the most significant advantage of a car title loan.
What are the Significant Advantages of ChoiceCash Title Loans?
ChoiceCash Title Loans can offer qualified borrowers a unique opportunity during the repayment process.2 If you make continuous, on-time payments on your loan, you could get rewarded.2 Why pay the same amount each month when there is an opportunity to get rewarded through ChoiceCash Title Loans! 2 By doing something as simple as paying your loan back on time, your interest rate and monthly payment may decrease.2
What is the Advantage of Flexible Repayment Terms?1
It’s unbelievable to think that paying your loan before your due date could have disadvantages. Unfortunately, some loan options can charge hidden fees for something as simple as paying back your loan early. Hidden fees and prepayment penalties can seem like a punishment for being financially responsible.
With ChoiceCash Title Loans, you can pay off your loan as early as you want -without any hidden fees or prepayment penalties to worry about! In fact, qualified borrowers are encouraged to pay early and to pay often.
I Have Read All the Significant Advantages of an Auto Title Loan, How Do I Get Started Online?
Now that you know all of the significant advantages of car title loans, why wait to see if you qualify for the cash you need?
With these three easy steps, you can take see if you qualify for the financial help you need and these benefits1:
Submit a Short Inquiry Form Online, Or Call a Loan Agent At 855-422-7402
Ready to see if your vehicle qualifies for the cash you need? Get started on the prequalification form online or call a loan agent directly at 855-422-7402. It can take no time at all!1 Simply input a few bits of information about your income, vehicle, and personal information.
Send in Your Paperwork to Verify Your Information
If you are prequalified for a ChoiceCash Title Loan, the next step is to send in your paperwork to verify your information and vehicle ownership. At this point in the inquiry process, a loan agent will reach out and ask for these documents:
- Bank Statements, Pay Stubs, or Another Way to Prove Your Income
- Recent Utility Bills, Credit Card Statements, or a Voter Registration Card to Prove Your Residency
- Recent Photos of Your Car
- A Government or State-Issued ID
- A Vehicle Title in Your Name
For your convenience, these documents can be submitted online via email or fax!
If Your Information Is Approved, Sign Your Loan and Pick Up Your Cash!¹
It takes no time to find out if you qualify for the cash you need!¹ The last step in this quick approval process is to see if you are approved. If you are, the next step is to sign your loan agreement and discuss your terms with an agent. If they are agreeable to you, sign your contract and choose how to collect your cash! Qualified borrowers could receive their cash through a direct deposit, a check in the mail, or have the funds added to their debit card. Additionally, borrowers can pick up their cash in person at a participating money transfer location.
Apply for a Car Title Loan Online Today
Don’t wait to see if your income and car qualify for the cash you need today! It can take no time at all to see if you will qualify for the financial help you’ve been looking for.1 Choose ChoiceCash Title Loans to get the significant advantages of car title loans today.1 Call 855-422-7402 to get started!